SmartKem, Inc. has announced the closing of a $24.6 million private placement financing.
Prior to the financing, SmartKem Limited completed a reverse acquisition transaction with Parasol Investments Corporation (Parasol), a public Delaware corporation, whereby SmartKem became a wholly owned subsidiary of Parasol.
Following the acquisition, Parasol changed its name to SmartKem, Inc. and will continue the historic business of SmartKem. The directors of SmartKem, Ian Jenks, Robert Bahns, Dr. Simon King, Klaas de Boer and Barbra Keck, have become the directors of the Company. Ian Jenks has become the Chief Executive Officer of the Company and Robert Bahns has become the Chief Financial Officer of the Company.
Ian Jenks, Chief Executive Officer says, “The success of this financing surpassed our expectations, and we believe demonstrates investor confidence in SmartKem, our technology, product, current customer traction and the market opportunity. This financing will allow us to continue to scale production of our truFLEX® inks, our Electrical Design Automation Tools and expand our Foundry Services.”
GP Nurmenkari, Inc. (as consulted by Intuitive Venture Partners) acted as the exclusive placement agent for the private placement. Montrose Capital Partners was the sponsor for this transaction.
The securities issued in the acquisition and sold in the private placement have not been registered under the Securities Act of 1933 and may not be resold absent registration under, or exemption from registration under, such Act.
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